xercise 10-19 Amortization of intangible assets LO P4 ilano Gallery purchases th

Question

xercise 10-19 Amortization of intangible assets LO P4 ilano Gallery purchases the copyright on an oil painting for $390,000 on January 1, 2017. The copyright legally protects its owner for more years. The company plans to market and sell prints of the original for 19 years. repare entries to record the purchase of the copyright on January 1. 2017, and its annual amortization on December 31, 2017 Record the purchase of the copyright on an oil painting for $390,000 cash 1 cash. Record the year-end adjusting entry for the amortization expense of the copyright 2 Credit

Explanation / Answer

Date General Journal Debit Credit Jan 01 Copyright $390,000 Cash $390,000 Dec 31 Amortization expense-Copyright[$390,000 / 12 years] $32,500 Accumulated amortization-Copyright $32,500

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